Official Cryptocurrency Thread (1 Viewer)

Graney

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Tether is in the top 4 cryptocurrencies by market cap, this is obviously a huge trainwreck waiting to happen.

Even if you buy the most 'credible' cryptocurrency, you're playing in a totally unregulated financial market, it's rife with fraud and manipulation that was banned in legitimate markets a hundred years ago.
 

Graney

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Crypto fans hate me for this one weird trick I discovered to make 100x more wealth than you can get from investing in Crypto

Some background:

Mother was screaming at me again about not making my bed or cleaning up the crumbs covering the floor of the basement. My anger was about to burst through my clenched fists. Who was she to tell me, a 35-year-old man, that I can't keep my apartment in whatever manner I wish? I was so mad I counterintuitively decided to tackle my assigned chores early that day.

I was out mowing the lawn, when Mrs. Parsons from up the street stopped me. "Jimmy?" she croaked in her ancient voice, "my Harold can't exert himself anymore since his fall. Do you have any extra time to mow our lawn, or do you know someone who can?"

I don't know what she read in my eyes at that moment, but she followed up hurriedly with "Oh, and I can give you $5!"

Five dollars. Five dollars?

I stood there dumbfounded for a moment. And then it hit me.

I could perform work for money.

I had always suspected that I was capable of such a feat, but I never truly believed it until now. I had heard that several of my friends had moved out of their parents home, and perhaps this is how they did it. Some even had cars! By God!

Flash forward to today:

I'm now rolling around town with my own used bicycle. Mother doesn't have to drive me to appointments anymore. In stores where I used to have ask mother, for instance, if it was ok to buy some gum, I now thoughtlessly grab two or three packs and whip out a perfect roll of quarters, flicking off a few onto the counter like a sophisticated player at a gentleman's club.

I used to think cryptocurrency was the only way to make money. Now I know that you can do actual work and get paid, getting hundreds or even thousands of times the gains of most people trying to invest in crypto.

I'm proud to say I'm mowing three lawns a week now, and if my business keeps growing at this rate, I'll be able to move out of my parents' home by the time I'm 40!

I know this is controversial in the crypto world, but if you are interested, I'm happy to talk one-on-one about how putting out a little effort in exchange for cash totally transformed my life. I didn't have to do any trades at 100x margin or anything like that. I know, I know, hard to believe! But if I can do it, I bet at least a few of you out there can
 

seremify007

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Crypto fans hate me for this one weird trick I discovered to make 100x more wealth than you can get from investing in Crypto

Some background:

Mother was screaming at me again about not making my bed or cleaning up the crumbs covering the floor of the basement. My anger was about to burst through my clenched fists. Who was she to tell me, a 35-year-old man, that I can't keep my apartment in whatever manner I wish? I was so mad I counterintuitively decided to tackle my assigned chores early that day.

I was out mowing the lawn, when Mrs. Parsons from up the street stopped me. "Jimmy?" she croaked in her ancient voice, "my Harold can't exert himself anymore since his fall. Do you have any extra time to mow our lawn, or do you know someone who can?"

I don't know what she read in my eyes at that moment, but she followed up hurriedly with "Oh, and I can give you $5!"

Five dollars. Five dollars?

I stood there dumbfounded for a moment. And then it hit me.

I could perform work for money.

I had always suspected that I was capable of such a feat, but I never truly believed it until now. I had heard that several of my friends had moved out of their parents home, and perhaps this is how they did it. Some even had cars! By God!

Flash forward to today:

I'm now rolling around town with my own used bicycle. Mother doesn't have to drive me to appointments anymore. In stores where I used to have ask mother, for instance, if it was ok to buy some gum, I now thoughtlessly grab two or three packs and whip out a perfect roll of quarters, flicking off a few onto the counter like a sophisticated player at a gentleman's club.

I used to think cryptocurrency was the only way to make money. Now I know that you can do actual work and get paid, getting hundreds or even thousands of times the gains of most people trying to invest in crypto.

I'm proud to say I'm mowing three lawns a week now, and if my business keeps growing at this rate, I'll be able to move out of my parents' home by the time I'm 40!

I know this is controversial in the crypto world, but if you are interested, I'm happy to talk one-on-one about how putting out a little effort in exchange for cash totally transformed my life. I didn't have to do any trades at 100x margin or anything like that. I know, I know, hard to believe! But if I can do it, I bet at least a few of you out there can
LOL. I know that was tongue in cheek but I do miss the old days where there was a stronger correlation between effort and reward.
 

Graney

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Was a few years too late for BTC, but I got in on ripple at 75c

It's now $2.27241 (ATH @ USD $2.80) analysts say it will grow to $18-20 (end of 2018), bear in mind those are conservative figures since it already beat this year's projections by leaps and bounds. Great opportunity to invest (FOMO) :party: :party:
It's the big day for 2018's boldest prediction, bored of studies user Neil_ gave a 'conservative' projection that ripple (XRP) would be $18-20 by the end of 2018:

Let's check what the price of ripple (XRP) per coinmarketcap.com is:

$0.36

Fuck bro, what a catastrophe, you must feel like a complete idiot?
Re-entered the market.

View attachment 27111
It's one year since the 'big day' for BOS boldest crypto prediction.

User 'Neil_' stated by the end of 2018 ripple (XRP) would be $18-20, 'those are conservative figures'

On December 31st 2018, XRP was $0.36, unbelievably falling well short of the $18-20 'Conservative' prediction. How could this happen? Sadly Neil_ got absolutely rekt, and sold out of XRP.

But it's okay because as you can see above, he bought back in during 2019, buying XRP at $0.27 USD.

Now surely today, 31st December 2019, it will have definitely hit $18-20, a savvy investor like Neil_ will be raking in fat stacks. His new investment at $0.27 will surely be paying off big time

Let's check what the price of XRP is today per coinmarketcap.com:

$0.19

Unbelievable, you know I'm starting to doubt XRP will hit $18-20 by the end of 2018.

Sorry for your loss
 

Neil_

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Shit man... It's so easy to pop up outta the blue when the cryptos in a bear market, but suddenly when we were at greens you were as silent as a rat. #KeepTalkingShit
 

Graney

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Shit man... It's so easy to pop up outta the blue when the cryptos in a bear market, but suddenly when we were at greens you were as silent as a rat. #KeepTalkingShit
You only made one specific prediction ("$18-20 by the end of 2018"), so I am holding you to that exact prediction.

The time I'm 'popping up' is not arbitrarily chosen to make you look bad - it's the exact prediction you made, and the anniversary thereof.

Transient volatility putting you 'at green' by degrees for a short time, does not justify what you predicted.

I've asked you for additional specific predictions a number of times and you've declined, presumably to avoid repeated embarrassment:
Now I know there's a high probability you will see this post and consider replying, and if you choose to reply I ask you only one thing:

Please tell us a 'conservative' projection for the $USD value of XRP by the end of 2019.

Please do not reply without including this prediction.
Definitely buy as much as you can, and tell us the specific prices and dates you paid, as well as your future price predictions
I would love to hold you to other equally specific and bold predictions. Mcafee bet he would eat his dick on national TV if bitcoin was less than $1 million by end of 2020, that's a real bet.

The reason I have taken an ongoing interest in your prediction, I believe you have guilt and moral culpability for giving misleading and idiotic financial predictions that, if someone were to heed your advice, would have caused them substantial harm and loss.

You should be ashamed and regretful of your actions.

Of course you're not unique in this behaviour.
 

Neil_

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Other peoples' financial losses are not in any way my fault and due to their own lack of research. Sure, some of my predictions may have fallen short by a few years, regardless... I still have blind faith in this cryptocurrency.

Reasons:
- Having personally witnessed and been blessed by growth of 40x (from when the total market cap was ~5 billion to now 200 billion), I still foresee more growth.

- $200 million series-C funding (most companies can't make it past series-A). This funding is from VCs who actually see potential in Ripple, i.e. the actual smart money not arm-chair experts such as yourself and myself.

- Ripple is valued as a A$14 billion company.

- Liquidity in XRP/MXN corridor (only concerning cross-border (i.e. replacing SWIFT)): https://docs.google.com/spreadsheet...aCmq58U2badn5i9WOCIP9Wtmg/edit#gid=1888946776

-
Any losses incurred by the general public are not due to my advice but their own stupidity. Declining prices is the perfect opportunity to buy! When they rise, partial sell. Rinse and repeat. That's what I've been doing, and is why I have capital in the first place to invest in CC.
 

sida1049

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I usually don't care about this kind of thing (and I still don't - speculative investing, especially on volatile assets, amounts to gambling at best), but I take issue with the logic of your arguments.

Wrongful interpretation of evidence.
You've essentially asserted that
  • when the price of a cryptocurrency is high, it is proof that speculating in cryptocurrency is lucrative because it is valuable and had one purchased volumes of it when its market price was lower, significant profit would have been made; and
  • when the price of a cryptocurrency is low, it is proof that speculating in cryptocurrency is lucrative because it is the best time to purchase in large volumes so significant profits will be promised when the market price inevitably rises.
So therefore, regardless of the empirical performance of the cryptocurrency, it is always a good idea to invest in cryptocurrencies.

If you take your logic seriously, then you should dedicate all of your savings into cryptocurrency.

But thankfully, you don't have to follow your own logic precisely, because it's fallacious; being that there is actually no guarantee that the price of the cryptocurrency will rise to the point where it is more profitable than, say, placing your savings into a savings account instead. That's not to say that it's not possible to profit off of cryptocurrency speculation, but rather that you've convinced yourself regardless of the actual facts, you're always better off speculating. That's fucked up.


Moral accountability.
If you offer someone shitty advice, and they take it to their own demise, then you are accountable.
  • When are you not accountable for your advice? Suppose you tell someone that they should hit up the gym more often, so in taking your advice, they walk to their nearest gym. On the way, they get hit by a car when crossing a road. In this case, you're not accountable because it is mutually understood between the two parties that getting hit by a car, getting robbed, et cetera, are risks that underlie the action.
  • When are you accountable for your advice? Suppose you offer shitty logic to someone that regardless of the performance of a cryptocurrency, it is always in their best interests to speculate on that shit. They may not be able to find a flaw in your logic (after all, you mightn't), but they have faith in you as a friend/family. So they invest some of their money into it, and get burned a year later. In this case, you're accountable, because they have given you sway over their actions, and therefore you have a responsibility for (a) the well-intendedness of your advice towards their well-being (I assume you have this), and (b) the rigour and prudence over the advice you give to them, after all, a bad advice leads to bad consequences for them. To give poorly thought-out advice is just as bad as (equivalent to) not providing sufficient information for them to make an informed decision.
So in your case, it is obvious that you are morally accountable for any losses incurred by others that you have been involved in. But also in your case, it is actually so much worse. Why? We explain in the following.
  • You are actively incentivised to give insufficient information (in the form of shitty arguments) so that others will perceive the act of investing in cryptocurrency as a good thing, and therefore proceed to do so. This is because by spreading word that investing in cryptocurrency is lucrative, people are more likely to do so, thus demand for the cryptocurrency is driven higher, and therefore the value is more likely to go up, thus benefitting you. In fact, since you "still have blind faith" in that particular cryptocurrency, it is likely you are also a victim of this misinformation, however, it does not exonerate your role as a perpetrator. In summary, you derive benefit when others act according to your "advice". And the fact that your advice is for (in your words) the "general public" this additional guilt is very clear.
  • You say that "any losses incurred by the general public are not due to my advice, but their stupidity." It's interesting you think that the stupidity of others exonerate you from moral guilt, but in fact, it actually makes you even more accountable. Why? Because you are aware that there are lesser intelligent people who may follow your advice. Since those individuals are more likely to be irrationally swayed by your advice, you have more power and hence more responsibility for the consequences of your advice for those people. So their stupidity actually really just comes back to you. If you don't want this additonal moral accountability, then either (a) provide more rigorous arguments in favour of their well-being, or (b) don't offer shitty advice (especially when others following your advice benefits you).

Your lack of respect over the morality of your actions is disgusting. And while you might not wish to hear this, it's better to have someone tell you this now rather than down the line when big fucking consequences (for yourself as well as others) occur.
 

Neil_

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The very definition of the word speculative undermines the form of investment being made here. As the Cambridge dictionary puts it: "based on a guess and not on information."

I have provided ample reasons why XRP's intrinsic value is much higher than currently reflected in its price. Namely, the biggest VCs to grace the planet, akin to SoftBank having invested $200,000,000 in Series-C.... SERIES-C is not a joke. Most companies can barely even reach Series-B let alone A.

Secondly, I barely have 10% of my savings in my bank. The majority of it enters a Vanguard Index Fund that I allot a certain percentage of my paycheck to.

(1)
Now to address what you seem to think is a fallacy in my logic, "Wrongful interpretation of evidence."

This statement is true for all forms of investments. If an equity is to rise, it is deemed lucrative and if it was at an all time high it is deemed lucrative, especially true for blue-chip companies such as commbank which would've returned anyone a 3x profit had anyone invested in it during the GFC.

(2) Moral Accountability
Firstly, this is the internet. People already know I'm not a financial adviser, as my linkedin is freely accessible in my signature and always has been. Secondly, I stress again... This is the internet and a public forum. People are allowed to make predictions. Heck, people who are meant to be beacons of public servitude (politicians) make statements they retract all the time. Take Nigel Farage from the UK for eg. He promised £100,000,000 to the NHS if Brexit succeeded. He then said it wasn't possible after the vote succeeded... Nobody batted an eye... Don't get me started on Trump.

The point being, people shouldn't base their financial decisions from random people on the internet. It's a dog-eat-dog world and people should DYOR or consult with a Financial Adviser (and even those pricks do things for their own financial gain).

I never specifically forced anyone to buy into anything, I didn't hold a gun to anyone's head or kidnap someone hostage and tell them to buy X, Y and Z equity/stock/asset.

(3)
"You are actively incentivised to give insufficient information... demand for the cryptocurrency is driven higher, and therefore the value is more likely to go up, thus benefitting you"
This is blatantly wrong and a massive joke. Currently, the market cap of XRP is A$12.1 billion (current price 0.28 AUD). That means, to even raise the price to anything meaningfully worth it... Let's take an increase of half a cent, one would need to buy A$309,026,770.81 worth of XRP as of right now... I doubt that anyone's got that kind of capital on a small Australian forum.
 
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I just put play money into crypto and treat it as gambling. I'm reasonably familiar with the tech, but I don't believe in its long term viability from a geopolitical standpoint. Nonetheless, I'm in it to just trade the trends.

In regards to Ripple, do any of the banks partnered with Ripple use the XRP token? I've read that they just use xRapid, and none of them actually use the native token. If that's the case, then there's no fundamental backing behind the current price of the XRP token.
 

sida1049

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(1)
Now to address what you seem to think is a fallacy in my logic, "Wrongful interpretation of evidence."

This statement is true for all forms of investments. If an equity is to rise, it is deemed lucrative and if it was at an all time high it is deemed lucrative, especially true for blue-chip companies such as commbank which would've returned anyone a 3x profit had anyone invested in it during the GFC.
The issue here is misinformation. I didn't say that your high/low premises are false. But rather that you've provided two statements that are tautological, but your conclusion is glosses over an assumption (more important than the high/low premises) that's shaky at best, and to dismiss the currently available information which runs contrary to the assumptions you've made so offhandedly with the high/low premises is a big issue.


(2) Moral Accountability
Firstly, this is the internet. People already know I'm not a financial adviser, as my linkedin is freely accessible in my signature and always has been. Secondly, I stress again... This is the internet and a public forum. People are allowed to make predictions. Heck, people who are meant to be beacons of public servitude (politicians) make statements they retract all the time. Take Nigel Farage from the UK for eg. He promised £100,000,000 to the NHS if Brexit succeeded. He then said it wasn't possible after the vote succeeded... Nobody batted an eye... Don't get me started on Trump.
Plenty of people shit on Farage, and even more on Trump. No-one I know would defend these dudes who actively spread misinformation for their own agenda. But other shitheads doing it doesn't exonerate anyone else.

Plenty of people make predictions, and that's not an issue; over the internet, they're usually offhanded and nonchalant, so no-one cares. And retractions are even better. But when you do make an advice (zealous ones at that), you hold some accountability.

I have no idea if you've actually influenced anyone's decisions, but it's the following hypothetical that you threw out there that is hugely problematic: "Any losses incurred by the general public are not due to my advice but their own stupidity."

That's fucked, dude. It's morally equivalent to saying "if I tell someone to consume a bottle of sleeping pills, then it's not my fault for any harm done, but their own stupidity."

The point being, people shouldn't base their financial decisions from random people on the internet. It's a dog-eat-dog world and people should DYOR or consult with a Financial Adviser (and even those pricks do things for their own financial gain).

I never specifically forced anyone to buy into anything, I didn't hold a gun to anyone's head or kidnap someone hostage and tell them to buy X, Y and Z equity/stock/asset.
Once again, you're misrepresenting my argument here. I have no idea if you have influenced anyone to do anything. And it doesn't matter. It's your moral stance on the hypothetical that's problematic.


(3)


This is blatantly wrong and a massive joke. Currently, the market cap of XRP is A$12.1 billion (current price 0.28 AUD). That means, to even raise the price to anything meaningfully worth it... Let's take an increase of half a cent, one would need to buy A$309,026,770.81 worth of XRP as of right now... I doubt that anyone's got that kind of capital on a small Australian forum.
This is also missing the point. Influence isn't a closed system between an influencer and the "influencee". When one person influences another, there is a chance that the latter will continue to influence someone else, and so forth. Am I saying that you can 100% influence the market price of an asset this way? No. Is it plausible? Sure - word of mouth can definitely make an impact. It's valid to suggest that a large driving force of cryptocurrencies have been a result of the feedback loop between the word-of-mouth influence of speculators and their herd-mentality. The casuality here is settled: no matter how small, there is likely a positive correlation between your wealth and others following your advice. Do you intend this? I'll take your word for it.

But in the context of your hypothetical about not being morally accountable for anyone who follows your advice, this definitely doesn't help your case.
 

blyatman

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@sida1049 you should go on the cryptocurrency subreddit - crypto gurus with no prior investing experience in traditional markets nor any knowledge of basic economics making moon predictions left right and centre and talking about how crypto will replace fiat currencies after the inevitable collapse of the usd, then ending it with "dyor". It's the world's biggest echochamber.
 

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I've read that they just use xRapid, and none of them actually use the native token. If that's the case, then there's no fundamental backing behind the current price of the XRP token.
XRP is being utilised by MoneyGram international for On-Demand Liquidity (ODL, formerly xRapid), currently for MXN/USD and PHP/USD corridors. There are charts derived from the exchange tags used to facilitate these cross-border transactions. The volumes are large and growing exponentially, here's the one just for the MXN corridor: https://docs.google.com/spreadsheet...aCmq58U2badn5i9WOCIP9Wtmg/edit#gid=1888946776

Note: This is just MGI... MGI is only doing 10% of their daily volume... There's also FlashFX for the AUD/USD corridor but that is very tiny given the size of us.

2020 will mark a great year for speculative investors because of the periodic BTC halvening event, and since XRP (and other cryptos) are tightly coupled with BTC's fluctuations, I'm expecting a rise. Moreover, I'm expecting a rise from news such as the opening of new massive corridors, like Brazil/US corridor.

--

Banks currently, aren't using the RippleNet for ODL (only FIs), but this is because of regulartory clarity and at the pace Ripple's going I don't think it's going to happen for the foreseeable future... Even though they've hired some high-standing members of the US SEC and treasury.
 
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Graney

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Please make more specific predictions of >$X price on Y date.

This vague feelgood sentiment cowardly avoids any accountability, there's no metric by which you will be wrong, whatever happens you'll keep claiming $18-20 is always just around the corner.

- $200 million series-C funding (most companies can't make it past series-A).

- Ripple is valued as a A$14 billion company.
Wework received $150 million series-C funding, and was valued at $47 billion USD.

Wework > Ripple
 

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Graney

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I never specifically made that prediction myself. Still to this day, I haven't made any predictions.
Why did you just yesterday say that you had made predictions?

And why has it taken two years of direct criticism of your alleged prediction for you to suddenly understand your own words?

Sure, some of my predictions may have fallen short by a few years, regardless...
"some of my predictions may have fallen short by a few years"

"I haven't made any predictions."
 

Neil_

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Why did you just yesterday say that you had made predictions?

And why has it taken two years of direct criticism of your alleged prediction for you to suddenly understand your own words?



"some of my predictions may have fallen short by a few years"

"I haven't made any predictions."
Yes, but when I had a look back it turns out I didn't make any predictions. You seem to think I have as you keep saying I have, so much so that I started believing your bs that I made a prediction.
 

Graney

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Two years past time you've perceived a way to weasle out of responsibility with semantics, with the amazing story of not understanding your own words and my incredible powers of persuasion, but unfortunately prefacing harmful misinformation with "analysts say" is not exculpatory.

"Analysts say [Happy is the one who takes your babies and smashes them against the rocks]"
 

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For two years, I've purposely ignored your accusations of me having made predictions. The repetitive nature of you saying things on the line of "Mate why's it not at $20 now? WHY'S IT NOT AT $20".. led me to forget, and actually believe for a sec that I said that.

If you're gonna make such a big fuss over a small technicality, then you should get a grip. I don't frequent this forum, let alone discussion enough to have everything that I've said at the forefront of my mind.

The fact still remains, I'm not liable for the losses of others. I haven't explicity told anyone to invest. I've just stated my position and justified my where I stand with evidence, charts representing growth, etc.

This is the internet. If idiots are gonna invest in something so volatile, without understanding the risks, or having a set fault tolerance, then they deserve to lose to the stronger hands.
 

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